Uzbekistan's current account deficit up 19-fold in Q1
TASHKENT. July 6 (Interfax) - Uzbekistan's current account deficit amounted to $5.79 billion in January-March 2026 compared to $303.75 million for the same period last year, according to materials from the country's Central Bank.
The indicator therefore increased more than nineteenfold.
The main reason for this growth was a significant increase in the negative trade balance, to $8.3 billion from $2.7 billion a year earlier.
Exports declined to $5.6 billion in Q1, including goods from $6.2 billion to $3.4 billion, which is primarily due to the suspension of gold sales. Imports increased 29% to $13.9 billion amid sustained high investment activity and stable domestic demand.
According to the materials, the current account deficit was financed primarily through direct and other investment operations. Net inflow of foreign direct investment amounted to $702 million, net attraction of portfolio investments stood at $4.1 million, and under the item of other investments, a net inflow of around $1.1 billion was recorded due to operations with currency and deposits, trade credits, as well as external loans of the public sector, banks and other sectors of the economy.
The foreign currency component of international reserves decreased by $3.1 billion in January-March. However, the rise in world gold prices made it possible to increase total international reserves by almost $2.7 billion, to $69 billion as of April 1, 2026.
Uzbekistan's net international investment position strengthened 10% over the quarter and reached $21.6 billion.
According to the Central Bank, the country's total external debt remained virtually unchanged in Q1 2026 and amounted to $82.2 billion. Within its structure, public external debt equaled $40.5 billion, while corporate debt stood at $41.7 billion.
Uzbekistan's current account deficit amounted to $5.78 billion or 3.9% of GDP in 2025.
As reported, the International Monetary Fund (IMF) forecasts an increase in Uzbekistan's current account deficit in 2026-2031. In particular, the deficit is expected to be $5.66 billion or 3.2% of GDP in 2026, and reach almost $13.9 billion or 4.5% of GDP in 2031.
